The New York Times' stock price jumped by 10.7 percent Friday night after reports that billionaire Mike Bloomberg is showing interest in buying the newspaper for as much as $5 billion.
The report, from Fox Business Network's
Charles Gasparino, aired around 4:45 p.m. Friday, sparking a leap in after-hours trading, reports New York Post media columnist
Keith Kelly.
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"We should point out my sources are media bankers," Gasparino said on the segment. "They are saying there’s lots of talk within that world that Mike Bloomberg, who owns Bloomberg LP, the big computer and media company, has now expressed renewed interest in buying The New York Times."
He pointed out that Bloomberg, the former mayor of New York City, has declined comment on the reports, and The New York Times is "basically saying what they’ve said for years during these overtures, [that] we’re not for sale."
The FBN report indicated that Bloomberg is ready to pay up to $5 billion for The Times, which is considered one of the most influential publications in the United States. That figure would be more than double the $2.3 billion market cap the company currently has, reports the Post.
Ty Trippet, a spokesman for Bloomberg LP, dismissed the FBN report, telling the Post's Kelly in an email that "there is no truth to this rumor."
Bloomberg
has shown interest in adding the Times to his vast media empire in the past, but the Sulzberger family, which owns the publicly traded company, has said often that it is not up for sale.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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